SFGTV2: San Francisco Government Television
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Dec 3, 2012
12/12
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this is what brought me to the sharing economy. what i was after was a new way to live in a way that i felt i could live fully. what excites me about sharing is how it changes every day like for the better. it empowers us. the economic shift in the new businesses of creating and exchanging value is creating a new cultural narrative. it is replacing an old legacy narrative that was toxic. it told us the go live comes from shopping and competition -- it told us the good life comes from shopping in competition, from being free from each other. we are leading ving this because it has pushed us to the brink of extinction. it has enslaved as to debt. it is boring. it is spiritually empty. there is a news story being born in san francisco. it is one where the more you contribute to the common good, the more you are respected. the better you believe in committee, the more access to what you have -- the better you behave in a community, the more access you have. instead of judging each other, we help each other and realize our greatest pote
this is what brought me to the sharing economy. what i was after was a new way to live in a way that i felt i could live fully. what excites me about sharing is how it changes every day like for the better. it empowers us. the economic shift in the new businesses of creating and exchanging value is creating a new cultural narrative. it is replacing an old legacy narrative that was toxic. it told us the go live comes from shopping and competition -- it told us the good life comes from shopping...
SFGTV2: San Francisco Government Television
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Dec 3, 2012
12/12
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i would like to clarify -- this is not us versus them, new economy versus old economy. there is room for both of us. these are complete the experiences that someone would have in the old economy. the trick is figuring out what is different about this, making sure laws and regulations and policies apply reasonably to this new economy, and make sure that there is room carved out for both. >> thanks for making that point. one more question? >> [inaudible] i'm curious if this conversation about companies devoted to schering physical space. the idea of using or facilitating, seven commercial space for nonprofits and that sort of thing. [inaudible] are there any modalities for sharing their? >> the question is there's a lot of vacant commercial space that could be mobilized for civil society, so is there a way to do that? >> i know of one company, loose cubes. i'm sure there's others that many of you know there. >> i see mark in the audience there. do you want to explain what liquid space does? i think it answers the question, actually. >> [inaudible] [laughter] >> mark reall
i would like to clarify -- this is not us versus them, new economy versus old economy. there is room for both of us. these are complete the experiences that someone would have in the old economy. the trick is figuring out what is different about this, making sure laws and regulations and policies apply reasonably to this new economy, and make sure that there is room carved out for both. >> thanks for making that point. one more question? >> [inaudible] i'm curious if this...
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Dec 5, 2012
12/12
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CNBC
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i think, also, yes, we're a vibrant economy. we certainly are a strong economy. i think it's really unsustainable, the level of debt that we have in this country. we have $1 trillion in debt. i heard an incredibly succinct way of describing this. rick santelli actually said it this morning about how you can't say you're cutting $800 billion when really $80 billion is really from wars that are just going away. that's not really a cut. that's taking away the addition. i think you need to be pretty conservative. i think there's going to be a rally here year end, but you have to buy conservative cash flow and look overseas. i just don't think things are as rosy as everybody thinks. >> yeah, it's a goods point. i know a couple more people who agree with you on that. let me ask you this, michael. apple, stock was under pressure. it's been in a real free fall lately after hitting the highs of the year. what do you want to do with apple here? >> now i'm going to get optimistic, maria. i think that apple is really having a problem right now in terms of their pipeline gett
i think, also, yes, we're a vibrant economy. we certainly are a strong economy. i think it's really unsustainable, the level of debt that we have in this country. we have $1 trillion in debt. i heard an incredibly succinct way of describing this. rick santelli actually said it this morning about how you can't say you're cutting $800 billion when really $80 billion is really from wars that are just going away. that's not really a cut. that's taking away the addition. i think you need to be...
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Dec 5, 2012
12/12
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we are we balancing our economy. one of the things i've sought to do, it will attract newspaper headlines but i'm trying to expand our export promotion to make sure it is better, encouraging exports investment, making sure overseas changes of commerce for britain are better in these emerging economies. all these things are so important because one of the big strategic mistakes i think we made as a country in the last 15 years was we did not expand in the same way that for example, germany did. our market share in those emerging economies. >> john denham. >> mr. speaker, i've heard the chancellor make a number of statements to this house. is it a fair summer to say that every time he comes he's told us the economy hasn't grown since last time, he is planning to borrow more than last time he was here? spending on public service is going to be cut more than last time he was here. growth in the future is going to be less than he told us last time he was here. and envy of that record should he be quite so pleased with him
we are we balancing our economy. one of the things i've sought to do, it will attract newspaper headlines but i'm trying to expand our export promotion to make sure it is better, encouraging exports investment, making sure overseas changes of commerce for britain are better in these emerging economies. all these things are so important because one of the big strategic mistakes i think we made as a country in the last 15 years was we did not expand in the same way that for example, germany did....
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Dec 1, 2012
12/12
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states are in worse shape collectively in the federal government and the year rose own economy. we might not be in worse shape than greece but when you take germany and everybody else and put them in one community we are in worse shape than they are and we get the benefit of the doubt. we are the safe haven and people think that everything is okay because they know that we aren't going to defend because you can print money. when they realize printing is worse than defaulting because the potential for the loss is even greater then we are going to see a big spike in the interest rates and that is when we have our crisis because either the fed allows the rates to go up, and who knows how high they might have to go. let's say 10 percent in order to stop the implosion of the dollar and put an end to inflation. if we have a $20 trillion national debt when that happens that would require us to shell out $2 trillion a year of interest payments. where are we going to get that? that all of the tax. >> you mentioned the creditors. who are the creditors? especially for the united states rig
states are in worse shape collectively in the federal government and the year rose own economy. we might not be in worse shape than greece but when you take germany and everybody else and put them in one community we are in worse shape than they are and we get the benefit of the doubt. we are the safe haven and people think that everything is okay because they know that we aren't going to defend because you can print money. when they realize printing is worse than defaulting because the...
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Dec 7, 2012
12/12
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that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't understand this idea of cocky cutter economics where you simply do the same thing regardless of circumstances. you analyze the data, look at the economy, you come up with policies that are appropriate. >> eliot: now, you have been a rather harsh critic of the way the second president bush ran the economy basically saying he disa vowed principles and put in place massive spending without caring about deficits at all. you were there. what happened as you saw this and did you push back? >> oh, yes i wrote a book called imposter, president bush destroyed the economy. which got me fired from my think tank job. it was contrary to conservative
that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't understand this idea of cocky cutter economics where you simply do the same thing regardless of...
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Dec 1, 2012
12/12
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>> well,, you know, i like the core metaphor in describing the economy and the interaction of the economy and the society is reinforced. and when we go the rain forest whether it's the pacific northwest or amazon, you have the sense of life around you. the complexity. that's what human society is. right. the rain forest is a self-regulating environment. when we put regulations in we put government regulations in. part of self-regulation. when we self-regulate ourself we create rules for ourself that's self-regulation. we do it through competition. scarce resources. the map thing that keeps the rain forest vibrant is you have the canopy, which in the u.s. economy would be the big firm. the ge, the gm. the walmart all of that. you have the scruff, the small business. but it's the small and growing. it's the things that were small but can challenge the big. it's what happens when the big tree falls over. we have been to the rain forest. the amazing thing new trees grow out of the old. it's a metaphor. it's real. when we lose something big in the economy. it's vital we know how to recon fissi
>> well,, you know, i like the core metaphor in describing the economy and the interaction of the economy and the society is reinforced. and when we go the rain forest whether it's the pacific northwest or amazon, you have the sense of life around you. the complexity. that's what human society is. right. the rain forest is a self-regulating environment. when we put regulations in we put government regulations in. part of self-regulation. when we self-regulate ourself we create rules for...
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and if it's shrinking it produces alas the problem is the united states' economy in recent years has been consuming its capital stock that's like burning furniture to heat the whole according to a famous economist leunig von misses it's very counterproductive and i believe the fed is directly contributing to this capital consumption by keeping interest rates artificially low so that there is little incentive to say and the lack of savings implies a lack of investment not even enough reinvestment to cover for depreciation that's what's happening here the fed doesn't even seem to acknowledge it or realize it well i think that's very interesting because the percepts in is that what the fed is doing is it's doing it to strengthen the economy to help boost growth but you're saying in fact it is directly because of the fed that this dynamic is going on that we just saw the depreciation and investment and so you're saying that actually they are responsible for further depressed growth down the line. well they're partially responsible i mean don't get me wrong there are a number of structura
and if it's shrinking it produces alas the problem is the united states' economy in recent years has been consuming its capital stock that's like burning furniture to heat the whole according to a famous economist leunig von misses it's very counterproductive and i believe the fed is directly contributing to this capital consumption by keeping interest rates artificially low so that there is little incentive to say and the lack of savings implies a lack of investment not even enough...
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Dec 5, 2012
12/12
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we're going to grow, not slow the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. >> ok. i'm going to take a moment to try to talk and we'll see if it works. i don't know if other people are here. but i actually think that what we just saw is a true reflection of how hard what we're trying to do is. i'm really disappointed that when we're trying to create a forum to have discussion we can't have everybody stay like they were invited to come and actually have this real discussion. because there are real issues that everybody knows about how we're going to try to fix these problems. on revenue, on social security, on medicare, on spending, on defense. and there are going to be different opinions about how we do it and the truth is they're going to be really hard choices and people are not going to be able to all have everything they want as we work as
we're going to grow, not slow the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. >> ok. i'm going to take a moment to try to talk and we'll see if it works. i don't know if other people are here. but i actually think that what we just saw is a true reflection of how...
SFGTV2: San Francisco Government Television
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Dec 3, 2012
12/12
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the sharing economy presents a nuanced situation. individuals are not businesses but are enjoying a new stream of income. we are interested in having that conversation in a way where we can use the new economy to benefit the city as well as individuals who are proactively taking all entrepreneurship in their own hands to leverage their own resources and knowledge to supplement their income. >> at task rabbit, we're looking to partner with the city and generate more awareness around what we do and how consumers and small businesses can get involved. we have a lot of small businesses utilizing the network as a delivery force or on demand labor force, particularly with seasonal businesses. they do not want to have to hire a bunch of full-time employees for a month or two of work. they're able to utilize the task private network to scale up and down. another case we see is for deliveries. suzy cakes uses task rabbit to get her goodies out. these tasks rabbits are using their own vehicles to do the deliveries. it is typically for a quick
the sharing economy presents a nuanced situation. individuals are not businesses but are enjoying a new stream of income. we are interested in having that conversation in a way where we can use the new economy to benefit the city as well as individuals who are proactively taking all entrepreneurship in their own hands to leverage their own resources and knowledge to supplement their income. >> at task rabbit, we're looking to partner with the city and generate more awareness around what...
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Dec 6, 2012
12/12
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this will only hurt our economy. ernst and young has done an analysis of the president's proposal and said it will cost several hundreds thousands of jobs. there is a better way and the speaker has laid it out. it is an approach that calls for tax reform by reforming the tax code and passing responsible spending cuts in order to get our fiscal house in order. that's what america wants. the big things. this is our moment to provide that leadership that america desperately wants and we stand here ready to take the action necessary. >> the american people are hurting right now and now is the moment where we need to step up to the plate and solve the problem. i don't know how any of us can look our kids and grandkids in the eye and explain to them that we aren't willing to pay for the things we are enjoying today but just going to send them the bill. that's why republicans have the proposal on the table that fixes the problem, puts us on the course to solve the problem, which is the out-of- control spending side of the l
this will only hurt our economy. ernst and young has done an analysis of the president's proposal and said it will cost several hundreds thousands of jobs. there is a better way and the speaker has laid it out. it is an approach that calls for tax reform by reforming the tax code and passing responsible spending cuts in order to get our fiscal house in order. that's what america wants. the big things. this is our moment to provide that leadership that america desperately wants and we stand here...
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Dec 3, 2012
12/12
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why partridges and pear trees are subject to the whims of the economy. so if you're one of the who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. >>> we have big news to tell you about, beginning in january, we will have a new name. look for us "on the money with maria bartiromo." we will have exciting segments and great guests and i will be here as well. join us. the stories that may impact your money. on tuesday, numbers for november auto sales will be out. and then friday we get the latest jobs report which tells us how many jobs the economy lost or gained in the last month, as well as the percentage of americans unemployed typically a market mover and the latest reading of consumer sentiment is out on friday. when it comes to finding the perfect holiday gift, what's $100,000 between true loves? the cost of christmas, the total of all 364 gifts mentioned in that song about the partridge and the pear tree was
why partridges and pear trees are subject to the whims of the economy. so if you're one of the who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. >>> we have big news to tell you about, beginning in january, we will have a new name. look for us "on the money with maria bartiromo." we will have exciting segments and great guests and...
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and it would be good for the economy. dave: don't mean to pouu water and your idea because i agree with you it would be a great idea to have a tax holiday we have it ministrations people want from the chief economic adviser of the president on down with the administration and they say no way they are going to do this. would give the any optimism it might be done? >> people need revenue. this is positive for revenue. the money sits over cease and the u.s. treasury gets none of it. if you declare this tax holiday the money produces revenue in nd the u.s.. the change of administration at some point. dave: are you hearing anything about this? we ask the administration specifically about this, they say we won't let it happen. >> that is what we heard. they are not going to let it happen but it would be great if they did because of what has already been pointed out. we need to spur this economy and of the fiscal cliff developed and small-businesses our hits we have to have growth somewhere and that could be a way of doing it. >
and it would be good for the economy. dave: don't mean to pouu water and your idea because i agree with you it would be a great idea to have a tax holiday we have it ministrations people want from the chief economic adviser of the president on down with the administration and they say no way they are going to do this. would give the any optimism it might be done? >> people need revenue. this is positive for revenue. the money sits over cease and the u.s. treasury gets none of it. if you...
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Dec 1, 2012
12/12
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the economy of the southern northern states was very very different and evey today, the economy in montana im very different from the economy and lower manhattan. and we found a way to deal with that and to regulate it. the same is true in europe in the same is true in china and the same is true in india and brazil. india. same is the same is true and brazil. this country deals with gaps between the rich and poor, agriculture, and earthen industrialize an evolving in much the same way that we're going to have to on the global stage for a the problem has been solved and can be solved. >> host: good afternoon, we have a caller from new york city. >> caller: hello, i'm so happy you're taking my call. my question is this fiscal cliff that we are approaching. if president obama allows it to happen, what kind of catastrophe are you talking about? i'm kind of concerned? so negatively will this affect the industry? how bad will it really be out there on wall street and main street? >> guest: well, let's say there are a bunch of people where the congress is
the economy of the southern northern states was very very different and evey today, the economy in montana im very different from the economy and lower manhattan. and we found a way to deal with that and to regulate it. the same is true in europe in the same is true in china and the same is true in india and brazil. india. same is the same is true and brazil. this country deals with gaps between the rich and poor, agriculture, and earthen industrialize an evolving in much the same way that...
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Dec 6, 2012
12/12
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that'll be a problem for our economy. people will not be engaged unless they have clarity in this thing. i have more faith in this institution. after the end of the day, you do the right thing. if you look at the history of this body, it roughly comes up with the right answer. we have not dealt with the debt ceiling since the beginning of this country. i think we are very capable and we can do it. >> i will respond by saying that we have been trying to deal with our cascading debt and deficit for decades. i would say that we have been far short of doing the right wing -- right thing to look for a healthy fiscal future. >> thank you, senator. >> i agree that we usually do the right thing but only after we try everything else. the time has come. i see this as a scary time. we need to protect our fragile economy, but it is also an opportunity to move forward. i first question is based on your predictions -- what do you think the timeframe is for possible further downgrades from the crater agencies -- credit reating agencies?
that'll be a problem for our economy. people will not be engaged unless they have clarity in this thing. i have more faith in this institution. after the end of the day, you do the right thing. if you look at the history of this body, it roughly comes up with the right answer. we have not dealt with the debt ceiling since the beginning of this country. i think we are very capable and we can do it. >> i will respond by saying that we have been trying to deal with our cascading debt and...
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that's way because the russian economy is an oil economy and the resource economy but there's no future if we wouldn't. change because living only on exports of raw material brings us some big risks. we depend on the international markets we can't live as a stable economy without our own production without our own business. in different sectors and first of all innovative industrial sectors of the economy that's what we are trying to achieve now changed into his lesion give stimulation for business to invest in russia and this structure will change. steadily little by little and of course it has to be profitable to invest in russia but also it has to be c. . that's what i'm doing now and then with smell because we have to protect business we have to protect businessmen and when we have to protect their businesses their property owners if we were waiting for this interview with you for quite a while and when we flew it decided to leak it we have asked some small business men are of the routine issues they have to face and how they think you can help them here's a story from one of them a
that's way because the russian economy is an oil economy and the resource economy but there's no future if we wouldn't. change because living only on exports of raw material brings us some big risks. we depend on the international markets we can't live as a stable economy without our own production without our own business. in different sectors and first of all innovative industrial sectors of the economy that's what we are trying to achieve now changed into his lesion give stimulation for...
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Nov 29, 2012
11/12
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pro-growth policies that kickstart the economy rather than hurting the economy. likewise, we have laid out a bipartisan plan to address the drivers of our debt in the spending programs. i think house republicans are eager to work and negotiate with democrats in the senate and the president once they figure out what their proposal is to address the fundamental problems. >> my colleagues have laid out the issues very well. republicans want to avert the fiscal cleft in its entirety -- liff in its entirety. what we need is the president to come forward with a plan on how he wants to avert the fiscal cliff. it is irresponsible of us not to deal with the spending issue and simply to push for raising taxes on hard-working american people. many of us come from small- business backgrounds -- family owned businesses. we understand the situation very well. but it isn't -- it is important we not pass this problem along to our children and grandchildren, but we deal with it in a responsible way. the republicans have come forward with a responsible plan and will continue to do
pro-growth policies that kickstart the economy rather than hurting the economy. likewise, we have laid out a bipartisan plan to address the drivers of our debt in the spending programs. i think house republicans are eager to work and negotiate with democrats in the senate and the president once they figure out what their proposal is to address the fundamental problems. >> my colleagues have laid out the issues very well. republicans want to avert the fiscal cleft in its entirety -- liff...
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because because surely it still needs to have those trade ties economies so important as. yes trade with other countries other businesses on the continent is important just like it is around the world when we need a you one hundred percent of our economy is overregulated by the european union trade with other businesses individuals on the continent will always continue whether we're in the e.u. or whether we're out of the a you were a member of the european economic area britain has global trading links we don't really need to be run by brussels and the institutions of the european union telling this country what to do we're big enough to manage our own affairs really would be a lot better off the konami care than it is really pointing towards if britain were to leave the european union it would be actually help the british economy it would actually help our economy to grow and it would reduce the burden on the british taxpayer because whatever it is our union if the u.k. were to fully pull out what would it do in this very difficult time this crisis. well the trade links
because because surely it still needs to have those trade ties economies so important as. yes trade with other countries other businesses on the continent is important just like it is around the world when we need a you one hundred percent of our economy is overregulated by the european union trade with other businesses individuals on the continent will always continue whether we're in the e.u. or whether we're out of the a you were a member of the european economic area britain has global...
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Dec 5, 2012
12/12
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economy. -- >> what is the way to do that and not hurt the u.s. economy? >> we need really, really fundamental tax reform. we also need entitlement reform, and we also need to use cost-benefit analysis. what shocked me about what the president put out is the cost- benefit analysis that they put out. they were proposing things that were twice the costs of their own benefits. i am sorry. if you run a government like that, you will go bankrupt. the rest of it is an exercise. we may as well go off the cliff or not. it really does not matter. if it is not january 1, it is not going to be too long from now before we start taking a sharp pencil to things. >> i sympathize with what larry is saying. what i am proposing, and what we are actually debating here is not to solve all of our problems ad infinitum into the future. there should be to solve this over the next decade so we get to a stable place. that is very doable in the context of the debate we are having now. if we get $3 trillion and debate the arithmetic, i think that is using reasonable assumptions abou
economy. -- >> what is the way to do that and not hurt the u.s. economy? >> we need really, really fundamental tax reform. we also need entitlement reform, and we also need to use cost-benefit analysis. what shocked me about what the president put out is the cost- benefit analysis that they put out. they were proposing things that were twice the costs of their own benefits. i am sorry. if you run a government like that, you will go bankrupt. the rest of it is an exercise. we may as...
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Dec 1, 2012
12/12
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economy for about an hour and 45 minutes. next on book tv. [applause] >> thanks to the fashion institute of technology. unquestionably the most in the world today. [applause] in addition to being nobel laureates i would have to say from the vantage point for the economic thinking those would be my finalists. [applause] as you know, we've written a book that pertains to the challenges and circumstance the price of an equality. on behalf of them i thank you for your patronage and. let's start with paul. paul, you talked about and this depression now. a lot of people don't believe we could end this now. but agency deutsch human beings have to take on this challenge? something that is recognizably the same kind of animal. we victimize it is the same technology still there and skills are still there. look back to the 1930's and there are a lot of people making the argument that there were no easy answers and you could quickly get out of this [inaudible] and the 1939 and these are fundamental problems and if we want to make progress to cut unemploy
economy for about an hour and 45 minutes. next on book tv. [applause] >> thanks to the fashion institute of technology. unquestionably the most in the world today. [applause] in addition to being nobel laureates i would have to say from the vantage point for the economic thinking those would be my finalists. [applause] as you know, we've written a book that pertains to the challenges and circumstance the price of an equality. on behalf of them i thank you for your patronage and. let's...
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Nov 30, 2012
11/12
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>> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy, pure and simple. secondly, listen. the american people expect us to find common ground to work together and to resolve this. frankly, sooner is better than later. [ inaudible question ] >> -- is this the necessary public posturing that needs to go on or is there a serious stalemate right now? >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you watched me over the last three weeks, i've been very guarded in what i have to say because i done want to make it harder for me or the president or members of both parties to be able to find common ground. but when i come out the day after the election and make it clear that republicans will put revenue on the table, i took a great risk. then t
>> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy, pure and simple. secondly, listen. the american people expect us to find common ground to work together and to resolve this....
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Dec 4, 2012
12/12
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economy and they all know it. there is no country in the world for the people in charge do not understand that they benefit from a strong, dependable, secure u.s. economy and energy is the key, i think. >> christine, can i just say something here? i think one program we have done in securing american pricing energy and is something of note that many of us have seen. i think it speaks to several key messages. just as we did in 2005, they're just as relevant today when we were importing 60% vs. 40% and continuing to go down. they also fall along what senator blunt said house well. but you see from when we have the oil crisis, there is no such thing as energy independence. some fear we define the problem as energy independence and it is all about imported oil. but then we solve a problem. we have been saying we needed to end our dependence on foreign oil, but the truth is we have a dependence on oil and any thing that happens anywhere in the world affects us here. if we miss diagnose the problem, we come up with the
economy and they all know it. there is no country in the world for the people in charge do not understand that they benefit from a strong, dependable, secure u.s. economy and energy is the key, i think. >> christine, can i just say something here? i think one program we have done in securing american pricing energy and is something of note that many of us have seen. i think it speaks to several key messages. just as we did in 2005, they're just as relevant today when we were importing 60%...
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Nov 30, 2012
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all the guests like the economy. i'm not disputing good things, but gdp didn't have a lot of consumption. today, personal income and spending, the spending was down a couple tenths. next week we have two jobs reports. one could argue the combination might be barely above the 171 from just the bls last month. people can't spend without jobs. same old story in my opinion. >> yeah, but david kelly, what about that? i know you don't want to be a short-term trader and have these knee-jerk reactions. let's face it. if we go over the fiscal cliff and this market takes a hit, i mean, there's a lot of room for disappointment in this market. this market is trading as if a deal gets done by the end of the year. if we don't, we could see a sizable decline. you got to be ready for that. what do i want to do to protect myself? >> well, the problem is i don't trust anything that's coming out of either side if washington. you never lead with your best offer, your best and final offer. clearly, they're just playing this dance here. t
all the guests like the economy. i'm not disputing good things, but gdp didn't have a lot of consumption. today, personal income and spending, the spending was down a couple tenths. next week we have two jobs reports. one could argue the combination might be barely above the 171 from just the bls last month. people can't spend without jobs. same old story in my opinion. >> yeah, but david kelly, what about that? i know you don't want to be a short-term trader and have these knee-jerk...
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from an investment led economy towards a more consumption driven economy because the impacts for the total population of china will be much more positive compared to in vestments less economy to me what is actually behind this growth. well there are several factors the main driver to just here is that investment is still the major driver of china more or less fifty percent of g.d.p. is coming from investment growth the other. drivers of growth of course is consumption and exports. investment specially government state led investment still very much dominates china's growth of course a lot of this is catch up course we have calculated that given that three provinces in china's smaller provinces can grow towards the capita income levels of tier one cities such as beijing shanghai. we can see at least seven percent growth in china for at least five more years and even more if tier three economies are able to reach the per capita incomes of tier one cities now you'll talk about growth in the next five years or so but a lot of people have been talking about. heartland we have got an aging
from an investment led economy towards a more consumption driven economy because the impacts for the total population of china will be much more positive compared to in vestments less economy to me what is actually behind this growth. well there are several factors the main driver to just here is that investment is still the major driver of china more or less fifty percent of g.d.p. is coming from investment growth the other. drivers of growth of course is consumption and exports. investment...
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Dec 6, 2012
12/12
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we need to lift that threat over the economy. and now as part of that, we'd like to put in place as i said a carefully designed mix of reforms to put our fiscal balance in the path of sustainability. as long as there is recognition by the other side that those rates will go up, we think we can reach an agreement on the set of reforms as i said that will be good for the economy. >> republicans were quick to hit back. orrin hatch called them stunning and irresponsible, but there may be more cracks in the ranks. "washington post" reports some moderate and conservative republicans are calling on boehner to concede on taxes now while he still has leverage to ask for something in return likely sbiltsment reforms. larry hathaway joins us for more. wlarry, good to see you. geithner says do no harm but they're prepared to go over the cliff. >> i think it's rather disingenuous. the administration feel it is has wind in its sails from the election and is trying to push the mandate on the issue of mar again al tax rates. i think the risks of
we need to lift that threat over the economy. and now as part of that, we'd like to put in place as i said a carefully designed mix of reforms to put our fiscal balance in the path of sustainability. as long as there is recognition by the other side that those rates will go up, we think we can reach an agreement on the set of reforms as i said that will be good for the economy. >> republicans were quick to hit back. orrin hatch called them stunning and irresponsible, but there may be more...
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Dec 3, 2012
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how does the economy get out of this slump? what is our economy doing well right now? what are we not doing as well as a country to deal with our economy? >> good question. the economy now is actually looking quite resilient. if you look at what's happening in energy, enormous boom. in agriculture, even with the drought, you're seeing incredible levels of income to farmers, which is really welcome. in manufacturing, one of the strongest periods of manufacturing revival that we've seen in almost a generation. not just in autos, and not just in high tech, but comprehensibly across that. we are showing american companies very competitive and resilient, and companies are bringing back production from china and mexico because this is looking like a much stronger country in which to invest and build. those are very encouraging signs for the american economy. and people running america's businesses would say they are in the strongest position they have been in maybe a decade in terms of the ability they have to expand and grow. and if we are able to lift this threat, big tax
how does the economy get out of this slump? what is our economy doing well right now? what are we not doing as well as a country to deal with our economy? >> good question. the economy now is actually looking quite resilient. if you look at what's happening in energy, enormous boom. in agriculture, even with the drought, you're seeing incredible levels of income to farmers, which is really welcome. in manufacturing, one of the strongest periods of manufacturing revival that we've seen in...
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Nov 29, 2012
11/12
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this is about returning confidence to the economy. >> greta: a plan to rev up the economy or a plan for spending cuts? >> a plan for reducing the deficit which actually would return certainty to the economy, restore confidence, which would help economic growth. punishing success will not do that. temporary tax increases don't do that as well. >> greta: it's interesting, almost seems like a game of chicken to see who's going to blink first. i listen to what you say, and i understand it, i understand the broad principles, but i don't have the nuts and bolts of it. and i hear the president say he's ready, willing and excited to have bipartisanship, but i don't know what his plan is either. >> again, his budgets, four budgets, yet to propose a solution to save social security or medicare. can't even get democrats or house senators to vote for his plan. we haven't seen his plan. that's a real tragedy. the president, it's incumbent on him. he won, time for him to govern, show the american people his balanced plan. he talked about it all the time. we know where he wants to increase revenue. he
this is about returning confidence to the economy. >> greta: a plan to rev up the economy or a plan for spending cuts? >> a plan for reducing the deficit which actually would return certainty to the economy, restore confidence, which would help economic growth. punishing success will not do that. temporary tax increases don't do that as well. >> greta: it's interesting, almost seems like a game of chicken to see who's going to blink first. i listen to what you say, and i...
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Dec 1, 2012
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>> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly, sooner is better than later. >> you've been doing this for a long time. the past 24 hours, is this the necessary public posturing that needs to go on or is there a serious stalemate right now? >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you've watched me in the last three weeks, i've been very guarded because i don't want to make it harder for me or the president or members of both parties to be able to find common ground. but when -- when i come out the day after the election and make it clear that republicans will put revenue on the table, i took a
>> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly,...
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Dec 7, 2012
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today, archaeologists struggle to reconstruct the economies of the ancient world, because an economy is essential to any society, past or present. to understand the evolution of economies is to better understand people of all places and of all times. captions by captionamerica, pittsburgh, pa. funding for this program was provided by...
today, archaeologists struggle to reconstruct the economies of the ancient world, because an economy is essential to any society, past or present. to understand the evolution of economies is to better understand people of all places and of all times. captions by captionamerica, pittsburgh, pa. funding for this program was provided by...
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Dec 5, 2012
12/12
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economy behind the times. plus, a preview of what stocks investors are looking to own after ringing in the new year. the sudden flow of one hundred dollar bills is indicating a rise in fishy activity. and, bring on the breakout. are the markets poised for a swing to the upside? first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, december 5th. i'm angela miles. in today's first look: standstill. that's what's happening with the budget talks in washington, and it's reflected on wall street. stocks barely budged yesterday. gold, however, was a major mover. what that tells traders is coming up in the show. pandora hit a sour note with investors last night. shares plunged after the company revealed a loss of advertising money as lawmakers fail to find harmony over averting the fiscal cliff. the brand new dreamliner is under review after making an emergency landing in new orleans due to a mechanical glitch. larry shover of s
economy behind the times. plus, a preview of what stocks investors are looking to own after ringing in the new year. the sudden flow of one hundred dollar bills is indicating a rise in fishy activity. and, bring on the breakout. are the markets poised for a swing to the upside? first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, december 5th. i'm angela miles. in today's first look: standstill. that's...
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Dec 7, 2012
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this is not for want of having tax relief in the economy. it's for want of having spending in the economy. >> very good. good to hear from you again, laura. thank you for joining us. >> thank you very much. appreciate it. >> thank you. have a great weekend. >>> as if you needed another reason to worry about your 401(k), changes could be coming that you need to know about and you cannot afford to miss it next. >>> also, ugly week for apple stock, but is it on the verge of getting hot again? we'll have the apple trade coming up in a few minutes. >>> time to toast today's close with this. if you're open, they will shop. according to a recent reuters survey, 30% said they shopped on thanksgiving day, slightly more than the 29% who said they shopped on black friday. so which retailer is gearing up for the last-minute holiday rush? find out next. with the spark cash card from capital one, olaf gets great rewards for his small business! pizza! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. put it o
this is not for want of having tax relief in the economy. it's for want of having spending in the economy. >> very good. good to hear from you again, laura. thank you for joining us. >> thank you very much. appreciate it. >> thank you. have a great weekend. >>> as if you needed another reason to worry about your 401(k), changes could be coming that you need to know about and you cannot afford to miss it next. >>> also, ugly week for apple stock, but is it on...
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Dec 6, 2012
12/12
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economy eased. the nikkei index right now trading at 9521, a gain of over .5% from wednesday's close. traders said positive remarks about a fiscal cliff deal by president obama are aiding share prices. i guess port-related issues are leading the gains as the weakening trend of the yen is continuing. so let's take a look at the currency markets. the dollar is higher against the yen. that's on better than expected nonmanufacturing data out of the u.s. 82.40-43. euro/yen, that's in the mid 107 yen levels this thursday morning. taking a look at other markets in the asia-pacific, south korea's companiespy is 1949. let's take a look at australia. the benchmark index is lower by about.25%, 4508. let's see where china takes us when they open the next hour. >>> european commission regulators have imposed a fine worth almost $2 billion for running two price-fixing cars sells. they say it's the highest-ever anti-trust penalty in their history. the commission leaders said they fined six companies a total of $1.
economy eased. the nikkei index right now trading at 9521, a gain of over .5% from wednesday's close. traders said positive remarks about a fiscal cliff deal by president obama are aiding share prices. i guess port-related issues are leading the gains as the weakening trend of the yen is continuing. so let's take a look at the currency markets. the dollar is higher against the yen. that's on better than expected nonmanufacturing data out of the u.s. 82.40-43. euro/yen, that's in the mid 107 yen...
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it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say it's not going to be 17% of our debt on that because right now, we're running a trillion dollar deficit year single year. if we went back to zero, we're rebalanced. right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax incr
it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say...
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not a pro on the economy. i think we need to invest and there's a sweet spot comes up in infrastructure in particular that offers a real opportunity. >> jay, my question. as far as when you talk about that sweet spot, if we're going to start seeing inflation through the roof, i think a lot of people expect it if we come it to a deal with the fiscal cliff and get economic growth and get people investing, inflation will go up. so that is going to be a problem for american families. like you said, there are places that business can succeed. is it government-infused money to get there, or is it going to be actual, real, american dollars in there? >> susan, that's really the opportunity. first of all, i don't think inflation is a concern for years. in order for inflation to be a concern it it has to get into the wage cycle. we're far from that. the needs are clear. ports, roads, transport rail and plus protection against extreme weather. on the other side demand. the demand for infrastructure investments isle comin
not a pro on the economy. i think we need to invest and there's a sweet spot comes up in infrastructure in particular that offers a real opportunity. >> jay, my question. as far as when you talk about that sweet spot, if we're going to start seeing inflation through the roof, i think a lot of people expect it if we come it to a deal with the fiscal cliff and get economic growth and get people investing, inflation will go up. so that is going to be a problem for american families. like you...
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. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most -- or least harmful and that tends to be cutting government spending. >> but i do think it's -- >> although tim geithner would disagree with me. >> one side wants to keep the government and entitlements like we have it. and the other side wants to take away all the excess government -- >> i think both sides agree that you need to do both. just a question of how much. >> we need to do both to do a deal. i don't think both sides dwre that it's the right thing to do. just to get a deal done. >> i think moderates in both parties -- >> people on the right think we're plenty big. and there are other people on the left that would like to do more social -- even grow government and pay for it up to 70%. so there are people. >> all right. when we come back, we'll talk about why manufacturing optimism is falling and falling fast. but first, gangnam style is on its way to racking up 1 billion views on youtube. with one song, this 34-year-old is set to become a
. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most -- or least harmful and that tends to be cutting government spending. >> but i do think it's -- >> although tim geithner would disagree with me. >> one side wants to keep the government and entitlements like we have it. and the other side wants to take away all the excess government -- >> i think both sides agree that you need to do both. just a...
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Dec 1, 2012
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the chinese economy is unsustainable. it's too dependent on global growth and not dependent enough on the consummittion story we're talking about. if they can shift the focus in china, that will be a great long-term story. >> susie: nicholas consonery asia analyst at the eurasia group. >> tom: apple's iphone 5 got the okay from chinese regulators. the smartphone will go on sale there in about two weeks. it's an important market for apple. in recent months, apple's market share in china has been cut in half to just 10%, something blamed on the lack of the model there. the iphone 5 is expected to be a big hit in china. next friday its newest ipad and ipad mini will hit stores there too. >> susie: greece is one step closer to getting $57 billion in bailout loans. german lawmakers approved the deal reached earlier this week. greece agreed to measures that will drastically reduce its debt over the next seven years. european stock markets and the euro rose on the news. here on wall street, tom, a neutral day on most people here
the chinese economy is unsustainable. it's too dependent on global growth and not dependent enough on the consummittion story we're talking about. if they can shift the focus in china, that will be a great long-term story. >> susie: nicholas consonery asia analyst at the eurasia group. >> tom: apple's iphone 5 got the okay from chinese regulators. the smartphone will go on sale there in about two weeks. it's an important market for apple. in recent months, apple's market share in...
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Dec 7, 2012
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but you're right about the economy. the broader economy. because in the aging of the population, and people retiring, the rate of growth in the labor force is going to slow. it already is slowing and the underlying growth rates in the economy are going to be weaker. here's the statistic of the day, the most important. the largest single age group in the country, there are more of these folks than any other age, joe, do you know what that is? do you want to take a guess at it? you may be the largest single age group. how old are you, joe? >> yeah -- >> 55 plus? >> 60 is the new 40, and i'm not 60 yet. i'm not 60 yet. >> time-out! >> tell me. >> it's 53. 53. >> that's around what i am. that's in the ballpark. >> yeah. >> standard deviation. >> so, another ten years from now, you know, we're going to be retiring. i'm actually 53. i represent the largest single age group. >> no, no, that's two words for you. andy rooney, i'm not retiring in ten years. >> okay. all right. >> mike wallace. >> a lot of people will be. a lot of other people will be
but you're right about the economy. the broader economy. because in the aging of the population, and people retiring, the rate of growth in the labor force is going to slow. it already is slowing and the underlying growth rates in the economy are going to be weaker. here's the statistic of the day, the most important. the largest single age group in the country, there are more of these folks than any other age, joe, do you know what that is? do you want to take a guess at it? you may be the...
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Dec 4, 2012
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you don't need to take money out of the economy. you don't need to further contract the economy. you need to stimulate the economy. the economists who track this stuff already think we're not growing enough to get back to a healthy economy. they cut the estimate to how much we are growing. people are not making enough money and therefore, not spending enough money and businesses are not hiring enough people. we need to be talking about growth. the problem in the country is an economic growth problem. the deficit, nobody wants there to be a deficit, but that's not the pressing need we've got as a nation. growing the economy, frankly, is the only way we have gotten rid of red ink in the past. when americans are better off, they pay more in taxes. the government can pay for the usual things and pay down the debt. president clinton, the surplus, he got that partly from raising revenue. raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary g
you don't need to take money out of the economy. you don't need to further contract the economy. you need to stimulate the economy. the economists who track this stuff already think we're not growing enough to get back to a healthy economy. they cut the estimate to how much we are growing. people are not making enough money and therefore, not spending enough money and businesses are not hiring enough people. we need to be talking about growth. the problem in the country is an economic growth...
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, but i guess in my mind i think of traditional economy being the post-new deal economy of relatively robust high tax rates on high earners and a social safety net that is part of the social compact. to me that's tradition. that's 80 years. >> that's american. and i've -- you know, i've been working at investments -- well, really i bought my first stock when i was 11 but i started selling stocks when i was 20 and i sold stocks when personal income tax rates got as high as 91%. i've sold them when capital gains rate got as high as 39.6% and we had some wonderful periods of growth and g.d.p. and the middle-class as well as the rich prospered when tax rates were much higher than they are now. >> jon: well, we'll take a commercial and come back and talk about an op-ed that you wrote which laid out some of the math of this and some other financial going on in the world. we'll be right back. more from warren buffett and carol loomis right after this. (cheers and applause). >> jon: welcome back, we're talking with warren buffett and carol loomis. you know, we're talking a little bit about --
, but i guess in my mind i think of traditional economy being the post-new deal economy of relatively robust high tax rates on high earners and a social safety net that is part of the social compact. to me that's tradition. that's 80 years. >> that's american. and i've -- you know, i've been working at investments -- well, really i bought my first stock when i was 11 but i started selling stocks when i was 20 and i sold stocks when personal income tax rates got as high as 91%. i've sold...
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and when the economy stalls, when the economy sputers, when people lose their jobs, they know which party to blame, the party of high taxes. let's don't be the party of just almost as high taxes. >> some people have called that the doomsday scenario. others have said it's a strategic retreat on the republicans' behalf. would you vote present for that in the senate if it comes up? >> i don't think we have to in the senate. i'm happy not to filibuster it and i will announce tonight on your show that i will work with harry reid to let him pass his big old tax hike with a simple majority if that's what harry reid wants because then they will be the party of high taxes and they can own it. >> i want to ask you one quickie. your friend and mine, senator jim demint, resigning from the senate. going to take over as head of the heritage foundation. he is a great free market defender of capitalism. what do you make of jim demint leaveliing the senate? >> i think there's two ways to look t a it. the way i look at it, i've jokingly said he's going to a better place. but i really am serious about that
and when the economy stalls, when the economy sputers, when people lose their jobs, they know which party to blame, the party of high taxes. let's don't be the party of just almost as high taxes. >> some people have called that the doomsday scenario. others have said it's a strategic retreat on the republicans' behalf. would you vote present for that in the senate if it comes up? >> i don't think we have to in the senate. i'm happy not to filibuster it and i will announce tonight on...
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that is bad for the economy. the $30 billion cost of extending the programs would generate $33 billion in benefits. that is because the money trickles through the system. the unemployment insurance check spent on food, housing, he teen, all of the basic necessities that give us a multiplier effect. host: this is from the national employment law project. estimates of numbers of people who will be affected if the program ends. 2 million workers collecting insurance will be cut off after payments for the week ended december 29. nearly 1 million more workers will run out of state unemployment benefits without access to the euc by the end of the first quarter of 2013. tickets for those numbers a little bit and specifically the one a million more workers. guest: there are two fundamental programs part of the extension. the important thing about them, this is what really counts in this, they provide the additional benefits passed the six months the market. if workers do not get the additional benefits, they are possibly
that is bad for the economy. the $30 billion cost of extending the programs would generate $33 billion in benefits. that is because the money trickles through the system. the unemployment insurance check spent on food, housing, he teen, all of the basic necessities that give us a multiplier effect. host: this is from the national employment law project. estimates of numbers of people who will be affected if the program ends. 2 million workers collecting insurance will be cut off after payments...
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that'll be a problem for our economy. people will not be engaged unless they have clarity in this thing. i have more faith in this institution. after the end of the day, you do the right thing. if you look at the history of this body, it roughly comes up with the right answer. we have not dealt with the debt ceiling since the beginning of this country. i think we are very capable and we can do it. >> i will respond by saying that we have been trying to deal with our cascading debt and deficit for decades. i would say that we have been far short of doing the right thing to look for a healthy fiscal future. >> thank you, senator. >> i agree that we usually do the right thing but only after we try everything else. the time has come. i see this as a scary time. we need to protect our fragile economy, but it is also an opportunity to move forward. my first question is based on your predictions -- what do you think the timeframe is for possible further downgrades from the credit rating agencies? >> this is my interpretation. i
that'll be a problem for our economy. people will not be engaged unless they have clarity in this thing. i have more faith in this institution. after the end of the day, you do the right thing. if you look at the history of this body, it roughly comes up with the right answer. we have not dealt with the debt ceiling since the beginning of this country. i think we are very capable and we can do it. >> i will respond by saying that we have been trying to deal with our cascading debt and...
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Nov 30, 2012
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economy to its knees. this chart, mr. speaker, shows the bottom income earners. there on the end is the top 1%, mr. speaker. who benefits from loopholes in the tax code? i'm flat tax guy. i mean the national retail sales tax. it's call the fair tax that deals with a payroll tax, inequities, on and on, it turns our tax code on its head and puts our economy on hyperdrive. it's so popularly co-sponsored tax plan in this united states house of representatives. i hope we're going to get a vote on it next year. mr. speaker, what it does is eliminates all the deductions and exemptions, all the special lobbyist included benefits, all the special benefits whoever is favored by an administration in order ocreate one flat and fair system for the country. now if you make more money of course you pay more in taxes. you have less money you pay less. but the president is committed, and we heard it again today, to raising tax rates on family-owned businesses. . not ensuring they pay more taxes, mind you, important distinc
economy to its knees. this chart, mr. speaker, shows the bottom income earners. there on the end is the top 1%, mr. speaker. who benefits from loopholes in the tax code? i'm flat tax guy. i mean the national retail sales tax. it's call the fair tax that deals with a payroll tax, inequities, on and on, it turns our tax code on its head and puts our economy on hyperdrive. it's so popularly co-sponsored tax plan in this united states house of representatives. i hope we're going to get a vote on it...
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starts to grow again will mean this debt back into the economy and nobody will notice but the economy's not growing so the black hole of debt is getting bigger and there's and here's here's the rub stacey is that the low interest rates that the central bankers claim they are forced to implement due to what they call deflation is causing deflation ok quantitative easing and zero interest rate policies do not fight deflation they cause deflation ok that's what these. bankers don't understand they only have these they have the sound of one hand clapping they don't understand the economy they don't understand that they are causing deflation and simultaneously causing the biggest bond bubble in three hundred years in the country of britain now turning a three hundred year high they are therefore the black call is only going to get going going to get bigger the article goes on to point out the markets have lost confidence in the banks due to their complex and opaque numbers this is what the financial stability report says that it's because of the complex and opaque numbers not the the fact th
starts to grow again will mean this debt back into the economy and nobody will notice but the economy's not growing so the black hole of debt is getting bigger and there's and here's here's the rub stacey is that the low interest rates that the central bankers claim they are forced to implement due to what they call deflation is causing deflation ok quantitative easing and zero interest rate policies do not fight deflation they cause deflation ok that's what these. bankers don't understand they...
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concerns over the uk economy. so we'll see how investors take to what's probably going to be a loosening up of the budget targets the chancellor set when they came into power. so we'll keep our eyes on that. and at the moment today, more talks in brussels. the greeks now getting their buy back program approved 37 trying to sort out a single supervisor. i think these talks will be fairly tricky because there is a majority who bt with a tant the be supervisor for all the banks. german didn't like that. so those talks will go on longer than originally hoped. but we are marginally higher going to the u.s. open. thank you. >> kelly, thank you. i'll just call you r kelly in now. >> that's not bad. >> ross, thank you. great to see you. >>> when we come back on squawk, bank of america ceo brian moynihan in his own words, we caught up with him yesterday to talk about business, the economy and the looming figure. as we head into a break, bank of america, best performing dow component of the year. up about 77%. ♪ [ male an
concerns over the uk economy. so we'll see how investors take to what's probably going to be a loosening up of the budget targets the chancellor set when they came into power. so we'll keep our eyes on that. and at the moment today, more talks in brussels. the greeks now getting their buy back program approved 37 trying to sort out a single supervisor. i think these talks will be fairly tricky because there is a majority who bt with a tant the be supervisor for all the banks. german didn't like...